It’s been about three years since the president signed the Affordable Care Act into law. A series of new requirements have been introduced since then … and some of the biggest ones are right around the corner.
Oct. 1, 2013 // Open Enrollment Begins in the Health Insurance Marketplaces
Individuals and small businesses will be able to buy coverage through online, government-run marketplaces.
Jan. 1, 2014 // The Big Day Arrives
This is the day when a slew of ACA-related rules take effect. Among them …
- Individuals will be required to have health insurance or pay a fee if they don’t.
- Insurers will no longer be allowed to turn down individuals with preexisting conditions.
- New plans and existing group plans won’t be able to set annual dollar limits on the amount of coverage.
March 31 // Open Enrollment Closes
For the first enrollment season, users will be given extra time to sign up. It’s not clear if that will be the case in future years.
2016 // “Small Groups” Become Larger
The health insurance marketplaces will now serve companies with 100 employees or less.
2017 // Large Firms Can Join Health Insurance Marketplaces
Individual states will have the option of opening their health insurance marketplaces to companies with more than 100 employees.
2018 // The “Cadillac Tax” Kicks In
Employer-backed plans that exceed certain limits—$10,200 for individuals or $27,500 for families—will be required to pay a 40 percent excise tax on any benefit over the limit.
